South Portland is a coastal city in Cumberland County, Maine, that boasts a vibrant and diverse housing market. The city is home to a mix of historic homes, modern apartments, and luxury waterfront properties, making it an attractive destination for people looking to buy or rent a home.
This article will look closer at the South Portland housing market and explore the trends, prices, and prospects for the city’s real estate market.
Overview of the South Portland Housing Market
The housing market in South Portland has been growing steadily over the past decade, with a mix of new construction and renovation of existing homes. The city is home to various housing types, including single-family homes, townhouses, and apartments, which offer a range of options for buyers and renters.
According to data from Zillow, the median home value in South Portland is $331,000, slightly higher than the national average.
Home values have increased by 3.3% over the past year, and Zillow predicts they will continue to rise by 6.5% over the next year. This indicates that South Portland is a strong seller’s market with high demand and limited inventory.
Trends in the South Portland Housing Market
The increasing demand for waterfront properties is one of the most significant trends in the housing market. South Portland is situated on Maine’s coast, making it an ideal location for people looking for a waterfront home. Many of the city’s most desirable properties are located on the waterfront and often sell for a premium.
Another trend in the South Portland housing market is the increasing popularity of condos and townhouses. These properties are becoming more popular with buyers who want to live in the city center and enjoy the convenience of low-maintenance living.
Many of the new construction projects in South Portland focus on condos and townhouses, indicating that developers are responding to the demand for these properties.
Finally, there is a growing trend of renovating and restoring historic homes in South Portland. Many of the city’s older homes have been well-preserved, and they offer a unique charm and character that is hard to find in newer homes.
Buyers looking for a home with history and nature are increasingly turning to South Portland’s historic neighborhoods.
Real Estate Prices in South Portland
Real estate prices in South Portland vary depending on the property’s location, size, and condition. Waterfront properties and homes in the city center tend to be more expensive, while homes in the suburbs are generally more affordable.
According to Zillow, the median home value in South Portland is $331,000, slightly higher than the national average.
The average price per square foot for homes in South Portland is $227. This is higher than the average price per square foot for the Portland metro area, which is $215. However, it is still lower than the average price per square foot for homes in the Boston metro area, which is $377.
Future Prospects for the South Portland Housing Market
The prospects for the South Portland housing market look bright. The city’s growing economy, high quality of life, and proximity to Boston make it an attractive destination for people looking to buy or rent a home.
The demand for waterfront properties, condos, and townhouses will grow as more people seek low-maintenance living and convenient access to the city center.
Several new construction projects in South Portland will add to the city’s housing inventory. This includes a new mixed-use development on the waterfront, including residential, commercial, and retail space.
Additionally, there are plans to renovate and restore several of the city’s historic buildings, adding to the charm and character of South Portland’s neighborhoods.
Find Your South Portland Home with Landing Real Estate
The South Portland housing market is a strong seller’s market, with high demand and limited inventory. The city’s mix of historic homes, modern apartments, and luxury waterfront properties offers a range of options for buyers and renters. The increasing popularity of waterfront properties, condos, and townhouses, as well as the renovation and restoration of historic homes, will likely continue to drive growth in the South Portland housing market.
With locations in Windham and South Portland, Landing Real Estate is a locally run and owned real estate company in Maine. We offer the knowledge you need, whether you need to buy or sell. View our listings for real estate in Maine!